Just as predicted, BTC is now trading at over $11,000 following the amazing surge to $10,000 yesterday. Bitcoin has finally broken past the key price where a massive move is expected to start. The real FOMO was also predicted to start from here and a ride to a higher price to start.
However, not many people thought the progress would be so fast. The asset accumulated $1,000 in half a day, by far the shortest period of time within which Bitcoin has gained so much in 2019. This has increased the enthusiasm of Bitcoin holders and raised hopes as well for better things to come.
The price surge may not be stopping anytime soon because crypto analyst Josh Rager says Bitcoin market has an established pattern of five weeks between major pullbacks and Bitcoin just came out of the last major pullback 2 weeks ago. The pullback which took 15% of Bitcoin had held it down for quite some time at the high $7,000s.
He, however, advised that caution should be taken at $11,700 which might be a possible resistance. At the same time, there is no immediate sign that something could be going wrong at any time based on his analysis. This implies that Bitcoin holders have some time to celebrate the crossing to $11,000 before they have to worry about any pullbacks.
At the current price, Bitcoin is just 45% away from the 2017 high of $20,000. Given the period of 3 months within which most of the 55% gain was recorded, Bitcoin could be closer to reaching the all-time high price than we think. Already, several enthusiasts and analysts have given several price predictions, none of which is below $20,000, suggesting there is a foreseeable future for Bitcoin that is pretty bright.
So what is next? Is Bitcoin going right through $12k as it did with $11k or will it take some time? The crypto community is watching keenly to see the next move although it definitely looks forward to a better one not worse.
